Puig announced on Thursday that it has taken a majority stake in label Dries Van Noten. The Belgian designer, who founded his eponymous label in 1986, will continue as chief creative officer and chairman of the board.

The gradual recovery of the pound from its post-Brexit vote low in June 2016 is in danger of denting London's luxury tourist trade, according to Thierry Andretta, the CEO of luxury leathergoods specialist Mulberry.

Shareholders in mining company Petra Diamonds on Wednesday approved a rights issue to raise about $170 million (127.4 million pounds) to help cut its debt burden, driving the share price around 5 percent higher.

Mulberry had plenty of news on Wednesday with the luxury firm announcing its full-year results and also a new business deal for South Korea. It's improving internationally although the UK remains a tough market.

Inditex sales may have risen only 2% in Q1 but it was still a record quarter and without currency exchange effects it would have powered ahead by 7% as both online and stores expansion again proved a winning formula.